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~1-c~v6183
<br />TO HAVE AND To HOLD the same unto the Mortgagee, as herein provided. Mortgagor represents !o,
<br />and covenants with, the Mortgagee, that the Mortgagor has good right to sell and convey said premises ;
<br />that they are free from encumbrance, except as hereinotherwise recited ;that the Mortgagor will warrant
<br />and defend the same against the Ia~v`ul claims of ail persons whomsoever. Mortgagor hereby relinquishes
<br />all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br />the Mortgagor in and to the above-desct•ibed premises.
<br />PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br />wit:
<br />Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of FIFTEEN and 50 /100 per centum i< 5.5oy0) per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the office of Commercial Federal Savings 6 Loan
<br />in Kearney, "Iebraska , or at such other place as the holder of the note may designate in
<br />writing delivered or mailed co the l~iortgagor, in monthly installments of FIVE RUNDI:ED TWENTY ONF.
<br />Dollars ($ 521.81 ),commencing on the first day of February , 19 fl,?and continuing on
<br />the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final
<br />paydlint of principal and interest shall be due and payable on the first day of January, 2012 ;all
<br />according to the terms of a cet•tain promissot•y note of even date herewith executed by the said Mortgagot•.
<br />The Mortgagor further agrees:
<br />1. He will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any
<br />time, without premium or fee, the entice indebtedness ot• any part thereof not less than the amount of one
<br />installment, or one hundred dollars ($100.00), whichever is less. Prepayment in full shag 6e credited on
<br />the date received. Partial prepayment, other than on an installment due date, need not be credited until
<br />the next following installment due date or thirty days after such prepayment, whichever is earlier.
<br />2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br />the terms of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this
<br />trust as hereinafter stated) an the first day of each month until said note is fully paid:
<br />(a) A sum equal to the ground rents, if any, next du@, plus the premiums that will next become due
<br />and payable on policies of fire and other hazard insurance covering the mortgaged property,
<br />plus taxes and assessments next due on the mortgaged property (all as estimated by the Mort-
<br />gagee, and of which the Mortgagor is notified) less all sums already paid therefor divided by
<br />the number of months to elapse before ate month prior to the date 4vhen such ground rents,
<br />premiums, taxes and assessments tvih become delinquent, such sums to be held by Martgage@
<br />in trust to pay said ground rents, premiums, taxes and special assessments.
<br />(b) The aggregate of the amounts payable pursuant to subparagraph (u) and those payable @n the
<br />note secured hereby, shall be paid in a single payment each month, to be applied to the fallow-
<br />ing items in the order stated
<br />(I) ground rents, taxes, assessments, fire and other hazard insut•Ance premiums;
<br />(u) interest on the note secured hereby ;and
<br />(III) amortization of the principal of said note.
<br />Any deficiency in the amotutt of any such aggregate monthly ltayntent shall, unless made good
<br />by the t~Irn•tgagot' prior to the due date of the next such payment, constitute an event of defAUlt
<br />under this mortgage. At ~i@r tgag@@'s option, ~Iot°t:grigor will pay a "late char#fe" not @xerad-
<br />ing foot' per centulzi (4t, } of anY install m@nt when pain nmre than fifteen (ls}days after tiro
<br />due date thereof to cover the extra expense invetlvetl in htutcling delinquent pal•ent nts, ttstt such
<br />"ate ~haoge" shall not he pad°abl~ out of alto pro~ot*ds nl arty ~tle auatio to aat~fy t#tu ind~bt€d-
<br />Hess secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br />all proper costs and expenses secured thereby.
<br />8. If the total of the payments made by the Mortgagor coder (a) of paragraph 2 preceding shall
<br />axeeed the amount of payments actually made by the Mortgagee, as trustee, for ground rents, taxes and
<br />aaeesamettta or insurance premiums, as the case may b@, such excess shall b@ credit@d by the Mortgagee
<br />on subsequent paym@ttts to b@ made by the Mortgagor far such items or, at Mortgage@'s option, as trustee,
<br />shall be refunded to Mortgagor. If, however, such monthly payments shall not be softie@nt to pAy such
<br />Moms when the same aitail became due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br />trustee, any amount n@cessarv to make up the deficiency within khit•ty (;i0) days after written notice from
<br />the Mortgagee stating the amount of the d@ftci@ncy, which notice may be given by mail. if at any time
<br />the Mortgagor shall tend@r to the Mortgeg@@, in accordance with the provisions of rho Hate s~ta•ed
<br />hereby, full payment of the entire indebtedness r@pt•raented thereby, the 5tortgag@e, As trustee, shall,
<br />itt computittg the amount of such indebtedness, credit t@ the account of the Mortgagor any credit balance
<br />accumulated coder the provisions of (a) oP paragraph 2 her@oP. If th@r@ shall b@ a default under any
<br />of the provlsicus of; this mortgage resulting in a public sale of the premix@s covered tt@reby, or if the
<br />Mortgagee a+~ulres the property otherwise after default, the ;ttortgagoe, as trustcae, shall apply. at the
<br />time of the Commence!m@nt of such prnc•c+@dings, or at the time the property is otherwise Acquirr•ci, the
<br />amount then remaining to credit the Mortgagor coder (a) of paragraph 2 preceding, as a credit on the
<br />interest accrued and unpaid and the balance to the principal then remaining unpaid on said not@.
<br />4. The lien of this instrument shall t•emaiu in full force and effect during any postponement or exton,
<br />slop oP the time of payment of the indebtedness or any part thereof secured lteteby.
<br />8, He will pay all ground rents, taxes, ttasessments, wet@r rates, nod other governmental ~~r munici•
<br />pal Charges, fines, or imp@aitiona, 1@vi@d upon said pr@mis@s and that he will pay ttil taxes levied upou this
<br />mortgage, or the debt secured thereby, together with any other txtx€s or t~~ssntents which may be 1@vi@d
<br />under the laws of Ir'ebraska against the Rortgagee, or the legal holder of said principal note, oft account of
<br />this Ind@btedn@sa, except whets payment for all such items has therete~fore been made under (a) of para-
<br />graph g hereof, and he will pr@mptly diativer the otflciai reeeipta therefor to thlte llartgaget+. In default
<br />thereof the Illcrtgagee may pay the same.
<br />Assoc.
<br />and Al/10
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